SOLO Token, DEX, NFT marketplace, and Airdrop
In this blog post, we outline the upcoming plans and additional utility proposals by the SOLO Core Team and the details of the upcoming SOLO Airdrop for SOLO and XRP holders.
To start with, it is important to understand the distinction between Sologenic.org (SOLO Core Team) and Sologenic.com (Manticore Securities AS).
Sologenic.com and sologenic.org are two separate teams. Sologenic.org aka SOLO Core team’s focus is purely on the expansion of the Sologenic as a decentralized ecosystem while the sologenic.com team are working on the launch of an important use-case of the Sologenic ecosystem: Securities Tokenization
Sologenic.org (SOLO Core Team)
Around 2 years ago, the SOLO Core Team issued 400,000,000 SOLO Tokens to be used across the “Sologenic Ecosystem”. SOLO Core team is an independent community of developers with the passion of making the Sologenic Ecosystem successful. It consists of developers who are actively working on various open-source projects and use cases around the XRP as well as SOLO.
Sologenic.com (Manticore Securities AS)
Sologenic.com (Manticore Securities AS) is a Public Limited Company, registered in the EU with the aim of obtaining MiFID ll Investment Firm license to tokenize securities such as stocks and ETF on the XRP Ledger using the Sologenic Ecosystem. SOLO Tokens play an integral part in when the platform is fully operational. Currently, Manticore Securities AS is in the process of obtaining the license and has developed a test environment that simulates the tokenization of securities on the XRPL.
We consider Sologenic.com (Manticore Securities AS) as the one of largest use-cases of the Sologenic Ecosystem. The potential this brings to the ecosystem is something we think can revolutionize the future of securities trading. More information can be found on www.sologenic.com
Sologenic Ecosystem Expansion
The SOLO Core Team, on the other hand, is actively looking to expand the use cases of SOLO as well as increase community engagement. The team has been building some of the greatest tools that work with the XRP Ledger such as the Sologenic DEX, SOLO Wallet, and the upcoming NFT marketplace.
With the popularity of the Sologenic applications on top of the XRP Ledger, the SOLO Core Team along with the feedback from the community has decided to increase the uses cases of the SOLO Tokens, and as such is proposing:
SOLO as a utility token on the Sologenic XRPL DEX
Sologenic DEX is one of the most popular DEX gateways to the XRP Ledger. At the time of writing this post, the DEX has over 2,000,000 views per week and an average of 150,000 transactions going through the Sologenic DEX on a weekly basis.
Currently, the developers behind the Sologenic DEX, decide about which pairs to list on the DEX UI. This process is not really beneficial for the community and we think the engagement and the power of DEX should really be decentralized too.
Community Voting Mechanism
For the above-mentioned reason, the team is proposing a voting mechanism using SOLO for all the listings and default pairs. Not only does this bring more value to the SOLO Token, but also more value to the projects on the XRPL and the community.
We will announce how the voting process will be conducted in the upcoming posts.
SOLO for minting, listing, and featuring NFTs on the upcoming Sologenic NFT marketplace
Last week, we announced plans to launch an NFT marketplace platform to the existing Sologenic DEX. Users will be able to mint and list their NFTs on the upcoming Sologenic NFT marketplace by spending SOLO Tokens. Featuring an NFT will also be possible by using SOLO as a payment by using a bidding system.
100% of the SOLO Tokens collected as fees will be burned instantly.
* The fees for these activities will be published in a future post closer to the launch of the marketplace, but in a nutshell, the token will be the key to listing NFTs on the platform.
This takes us to:
SOLO Token Airdrop
In order to engage the community to participate in the ecosystem and proposed governance utilities, the SOLO Core Team has decided to unlock 200,000,000 SOLO (Community SCF, and Expansion SEF) and conduct an airdrop to the XRP and SOLO communities.
How Will Airdrop Be Distributed?
The airdrop will take place after capturing a snapshot of the account balances on the XRP Ledger, which established a TrustLine to the Sologenic Gateway. The 200,000,000 SOLO will be distributed to those accounts that hold SOLO and XRP at the time of the snapshot.
The following ratio will be applied to the distribution:
XRP holders*: 50%
SOLO holders: 50%
* Please note that a TrustLine to the Sologenic Gateway must be in place for the account to be eligible for the airdrop.
Example: Let’s assume the final amount of XRP and SOLO which are qualified for the SOLO airdrop at the time of snapshot is as follows:
Then the number of SOLO Airdrops for the holders of XRP and SOLO will be calculated and deposited as below:
SOLO Airdrop Amount:
(200,000,000 ÷ 2) ÷ 20,000,000 = 5 SOLO per each SOLO Holding
XRP Airdrop Amount:
(200,000,000 ÷ 2) ÷ 500,000,000 = 0.2 SOLO per each XRP Holding
When will the Snapshot be taken?
Snapshot Date/Time: Dec 24th, 2021 8:00 PM UTC
Sologenic Gateway (Issuer): rsoLo2S1kiGeCcn6hCUXVrCpGMWLrRrLZz
SOLO Currency Code: 534F4C4F00000000000000000000000000000000 Limit: 400,000,000
When will the SOLO Airdrop be Distributed?
Distribution Date/Time: Jan 20th, 2022 8:00 PM UTC
What if you hold your XRP & SOLO on a Decentralized Wallet?
For SOLO holders who take custody of their assets, no action is needed as these accounts already have a TrustLine established. We are in talks with the exchanges who support the SOLO Token to consider the airdrop distribution amongst SOLO holders.
For XRP holders who take custody of their assets, a TrustLine to the Sologenic gateway is required. This can be conducted using the SOLO Wallet app or the XUMM app by adding SOLO as a currency to your existing account.
What if you hold your XRP & SOLO on Centralized Exchanges?
XRP holders who hold their assets on exchanges will need to periodically check and see if their exchange is supporting the airdrop.
We will initially reach out to exchanges and ask them to distribute the SOLO tokens to their respective users. However, the XRP and SOLO community may help in asking their favorite exchanges to consider participating in the airdrop.
We hope that by distributing the locked SOLO to the community, we will have more user engagement on the Sologenic DEX as well as the NFT marketplace which brings a huge value to the XRP Ledger Ecosystem.
How to stay tuned for further updates?
If you wish to receive more updates about the Sologenic ecosystem and the upcoming airdrop, we suggest you follow @realSologenic on Twitter.